Q1 2024 EPS Estimates for Biogen Inc. Lowered by Analyst (NASDAQ:BIIB)

Biogen Inc. (NASDAQ:BIIB) – William Blair reduced their Q1 2024 earnings estimates for shares of Biogen in a research note issued on Wednesday, April 17th. William Blair analyst M. Minter now anticipates that the biotechnology company will earn $3.54 per share for the quarter, down from their prior forecast of $4.57. William Blair currently has a “Outperform” rating on the stock. The consensus estimate for Biogen’s current full-year earnings is $15.48 per share. William Blair also issued estimates for Biogen’s FY2024 earnings at $15.29 EPS and FY2025 earnings at $17.46 EPS.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Tuesday, February 13th. The biotechnology company reported $2.95 EPS for the quarter, missing analysts’ consensus estimates of $3.18 by ($0.23). Biogen had a net margin of 11.81% and a return on equity of 14.91%. The company had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.47 billion. During the same period in the prior year, the company earned $4.05 EPS.

Other equities analysts have also recently issued research reports about the company. Wedbush decreased their price target on Biogen from $245.00 to $213.00 and set a “neutral” rating for the company in a report on Wednesday. HC Wainwright reiterated a “buy” rating and set a $325.00 target price on shares of Biogen in a research note on Wednesday, February 14th. StockNews.com lowered Biogen from a “buy” rating to a “hold” rating in a research report on Tuesday, February 20th. Robert W. Baird dropped their price target on Biogen from $333.00 to $316.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 14th. Finally, Canaccord Genuity Group dropped their price target on Biogen from $310.00 to $305.00 and set a “buy” rating on the stock in a research report on Tuesday, February 20th. Ten investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $296.35.

Biogen Stock Down 0.9 %

Shares of NASDAQ:BIIB opened at $190.52 on Friday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.26 and a current ratio of 2.00. Biogen has a 1 year low of $189.52 and a 1 year high of $319.76. The stock has a market capitalization of $27.69 billion, a P/E ratio of 23.87, a PEG ratio of 1.83 and a beta of -0.02. The stock has a 50-day simple moving average of $216.17 and a 200-day simple moving average of $236.24.

Institutional Trading of Biogen

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of Biogen by 0.9% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 386,482 shares of the biotechnology company’s stock worth $83,337,000 after buying an additional 3,380 shares during the period. Diversified Trust Co boosted its holdings in shares of Biogen by 85.1% during the 1st quarter. Diversified Trust Co now owns 20,860 shares of the biotechnology company’s stock worth $4,498,000 after buying an additional 9,588 shares during the period. Financial Partners Group LLC bought a new stake in shares of Biogen during the 1st quarter worth about $226,000. Atticus Wealth Management LLC bought a new stake in shares of Biogen during the 1st quarter worth about $43,000. Finally, Grimes & Company Inc. boosted its holdings in Biogen by 3.7% in the 1st quarter. Grimes & Company Inc. now owns 46,888 shares of the biotechnology company’s stock valued at $10,111,000 after purchasing an additional 1,689 shares during the period. Institutional investors own 87.93% of the company’s stock.

Insider Buying and Selling at Biogen

In other Biogen news, Director Eric K. Rowinsky acquired 455 shares of the business’s stock in a transaction on Thursday, February 15th. The stock was purchased at an average price of $222.54 per share, for a total transaction of $101,255.70. Following the transaction, the director now owns 20,629 shares in the company, valued at approximately $4,590,777.66. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, insider Priya Singhal sold 419 shares of the business’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $239.45, for a total transaction of $100,329.55. Following the transaction, the insider now directly owns 4,516 shares in the company, valued at approximately $1,081,356.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Eric K. Rowinsky acquired 455 shares of the stock in a transaction dated Thursday, February 15th. The shares were purchased at an average price of $222.54 per share, for a total transaction of $101,255.70. Following the completion of the purchase, the director now directly owns 20,629 shares in the company, valued at $4,590,777.66. The disclosure for this purchase can be found here. In the last quarter, insiders sold 882 shares of company stock worth $202,030. 0.60% of the stock is currently owned by insiders.

About Biogen

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases in the United States, Europe, Germany, Asia, and internationally. The company provides TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; ADUHELM to treat Alzheimer's disease; FUMADERM to treat plaque psoriasis; BENEPALI, an etanercept biosimilar referencing ENBREL; IMRALDI, an adalimumab biosimilar referencing HUMIRA; FLIXABI, an infliximab biosimilar referencing REMICADE; and BYOOVIZ, a ranibizumab biosimilar referencing LUCENTIS.